Investment

Lasha Papashvili Starts Construction of a 4-Star Hotel in Summer

Lasha Papashvili Starts Construction of a 4-Star Hotel in Summer December 4, 2017Leave a comment
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Businessman Lasha Papashvili has noted with GBC, that ground works will be carried for construction of your 4-star hotel. However, the building begins in two weeks.

The construction within the black carcass will be carried out in Several months by its partner Synergy, although the hotel are going to be carried out in 18 months, including interior works.

The businessman notes, the Partnership Fund has invested $5 million during the project, while another 5million USD is their own funds. Reported by Papashvili, this sum suffices on the first stage. However, negotiations are held over the additional funds while using the European Bank for Reconstruction and Development (EBRD), IFC, Bank of Georgia and TBC Bank. At that, supposedly the share of international banks will probably be 80%, while Georgian banks\’ -20%.

\”As soon even as open a high-class hotel in Abastumani, prices will probably be definitely increased about the real estate\”, – said Papashvili.

The businessman is not going to note site hotel, but declares that giving a whole new name isn\’t a problem, however hotels usually do not operate on behalf on the international brand; although this is no problem to create an internationally brand.

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